Wednesday, December 16, 2009

Bandit capitalism

There is no group more dangerous to capitalism then the capitalists. It is they who lobby for special rules, generally too arcane and indirect for the general public to see them for what they are, that shelter selected businesses from the full force of market competition. It is they who will subvert law if they can to apply a reassuring legal veneer to products which are actually cleverly disguised pyramid schemes where nothing of substantial value is produced and gains for some are made only at the expense of others. In this way a financial elite grows in influence and power -- typically defended by the naive who mistake them for heroes of productive industry. Even uncorrupted political leaders can not save us from bandit capitalism since they invariably go the wolves for advice on who should guard the sheep.

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